La. sees rate decreases in workers’ comp filings
Workers’ compensation insurance rates are decreasing in Louisiana, according to Commissioner of Insurance Jim Donelon. Donelon attributes the positive change to a significant drop in loss costs for insurers.
According to the Louisiana Department of Insurance workers’ comp carriers in Louisiana use the National Council on Compensation Insurance (NCCI) annual loss cost filing report to help formulate their insurance rates. A recent NCCI lost cost filing showed Louisiana with the nation’s largest percentage drop in loss costs, at 15.8 percent. Several companies recently have filed for a rate decrease with the department, which said filings are still being received and expects the this trend will likely continue.
The following table shows the companies with a statewide market share of 0.1 percent or more requesting a rate decrease over the past month. The 27 companies shown are collectively requesting an average 15.9 percent decrease in rates. The total Louisiana workers’ compensation market is estimated at $1.03 billion. These 27 companies account for $230 million or approximately 22.4 percent of the market.
Topics Louisiana Workers' Compensation
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